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Sandy devalues homes

The aftermath of Superstorm Sandy in neighborhoods like the Rockaways, Queens, lingers. In the last quarter of 2012, the average sale price plunged 30% in the Rockaways, while the entire borough of Queens recorded an increase of 9.4% in average home prices, according to the New York Post.

The average sale price in the Rockaways fell to $348,095 in the fourth quarter of 2012, a report by brokerage Douglas Elliman and appraisal firm Miller Samuel Inc. said. It’s so bad in the beach neighborhood that no one can sell a home there, said Douglas Elliman CEO Dottie Herman “unless you want to pick something up for nothing.” Similarly, in Coney Island, Brooklyn, there were a mere nine sales in the final three months of last year compared with 24 the same period a year ago.

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